Are Personal Loans Considered as Income for Tax Purposes?

A personal loan is an important financial tool to avail instant credit. Since it is an unsecured form of financing, you are not required to provide any collateral on the loan. The lender determines your creditworthiness by viewing your credit history and credit score. Thus, the rate of interest on personal loans is higher to cover the risk of a possible default. While preparing your ITR (Income Tax...